2011 Full Year Results
DisclaimerThis document may contain statements that constitute forward looking statementsabout the Company. These statemen...
Contents           2011 Highlights           Business Units           Financial Results           Looking Ahead
2011 Highlights (1)      Cash          Access to Capital      Value from                                                  ...
2011 Highlights (2)               January    ‣ M45 shadow toll road sold (€68mn)               February   ‣ Swissport dive...
2011 Highlights (3)                                                           € milion   % Change*                        ...
Contents           2011 Highlights           Business Units           Financial Results           Looking Ahead
Toll Roads    Financial                                              -   €159mn dividends from projects                   ...
407ETREquity method, Ferrovial stake: 43% CAD Mn                2011         ∆% L-f-LRevenues               675           ...
Services                2011       ∆% L-f-L              UK                          SPAINRevenues       2,821        +9%E...
Construction                    2011      ∆% L-f-L              International                Domestic  Revenues          4...
BAA |Equity method, Ferrovial stake 49.99%100% GBP Mn     2011       ∆%                           L-f-L                   ...
HEATHROW|  Continuous improvement                               Resilient performance        Capital markets access       ...
Contents           2011 Highlights           Business Units           Financial Results           Looking Ahead
Cash Flow ex-infra projects                      Operating               Net           2011       cash flow           inve...
Net debt evolution                                                                                                        ...
Debt reduction and simplificationEx-infra projects                                            Net debt evolution ex-infra ...
Financial position|ex-infra projects                                                 2012-2015 maturities€Mn              ...
Profit & Loss                                                                                 €Mn                         ...
Contents           2011 Highlights           Business Units           Financial Results           Looking Ahead
Looking ahead  Construction / Services                Toll roads / AirportsStrong backlog                   World class pl...
Shareholder remunerationDividend 2011 | Euros/share Interim                      0.20 Complementary                0.25   ...
Q&A session
Presentación de Resultados Ferrovial 2011
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Presentación de Resultados Ferrovial 2011

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Presentación de Resultados Ferrovial 2011

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Presentación de Resultados Ferrovial 2011

  1. 1. 2011 Full Year Results
  2. 2. DisclaimerThis document may contain statements that constitute forward looking statementsabout the Company. These statements are based on financial projections andestimates and their underlying assumptions, statements regarding plans, objectivesand expectations, which refer to estimates regarding, among others, future growthin the different business lines and the global business, market share, financialresults and other aspects of the activity and situation relating to the Company.Such forward looking statements, by its nature, are not guarantees of futureperformance and involve risks and uncertainties, and other important factors thatcould cause actual developments or results to differ from those expressed in theseforward looking statements.Analysts and investors, and any other person or entity that may need to take • Note on accounting changes:decisions, or prepare or release opinions about the securities issued by the For purposes of comparison, BAAs results have been shown as equity-accountedCompany, are cautioned not to place undue reliance on those forward looking in both the 2010 and the 2011 P&Ls. In the accounts filed in accordance withstatements which speak only as of the date of this communication. They are all NIIF5, in the 2010 P&L BAAs results were included under discontinued activities,encouraged to consult the Company’s communications and periodic filings made while in 2011 ten months were reported as discontinued activities and two months as equity-accounted.with the relevant securities markets regulators and, in particular, with the SpanishSecurities Markets Regulator.
  3. 3. Contents 2011 Highlights Business Units Financial Results Looking Ahead
  4. 4. 2011 Highlights (1) Cash Access to Capital Value from EBITDA Growth Generation Market divestituresActivity cash €2.1 bn bond Value obtained Operationalflow generation: issuances in from divestitures growth across€1,446mn ex- 2011 beats market portfolioinfra projects expectations and €1.7bn issued 9% EBITDA growth YTD 2012€907mn net cash (LfL) BAA / Swissport / M45position ex-infraprojects
  5. 5. 2011 Highlights (2) January ‣ M45 shadow toll road sold (€68mn) February ‣ Swissport divestment process completed (€692mn) April ‣ Ferrovial’s corporate debt refinanced (€1,314bn) ‣ AUSOL refinancing completed (€492mn) Delivering June July ‣ BAA: Inaugural dollar bond issuance ($1.0bn) Agust ‣ Ferrovial gets its first rating by S&P and Fitch: Investment grade (BBB-), outlook stable October ‣ BAA 5.88% stake sold (GBP280mn) November ‣ First Ferrovial Services Investor day in London December ‣ Chilean toll roads 40% stake divestment completed (€157mn) 2012 To invest in future growth
  6. 6. 2011 Highlights (3) € milion % Change* Spain -9% Revenue 7,446 -1% Intl. +8% EBITDA 819 +9% Net Income 1,269 Net cash position 907 +2,806% ex-infra projects Construction backlog 9,997 -1% Services backlog 12,425 +0.5% Strength & Visibility* Excluding forex impact & perimeter changes.
  7. 7. Contents 2011 Highlights Business Units Financial Results Looking Ahead
  8. 8. Toll Roads Financial - €159mn dividends from projects 2011 ∆% L-f-L - Refinancing facilities in 2011 Revenues 390 +5% ‣Ausol (€492mn) EBITDA 283 +14% EBITDA % 72.7% +19bps ‣R4 - standstill until February 27th 2011 ∆% L-f-L Traffic EBITDA - Chile & M45 divestiture completed Autema1 -7% +8% - EBITDA growth Chicago Skyway -7% +9% ‣Tariffs and grants more than offset weak traffic Ausol -7% +10% ETR 407 2 -1% +10% - Pipeline USA, Canada & New markets Indiana Toll Road2 -3% +4%1 Financial asset | 2 Equity method
  9. 9. 407ETREquity method, Ferrovial stake: 43% CAD Mn 2011 ∆% L-f-LRevenues 675 +8% - EBITDA growth (+11%)EBITDA 553 +11% ‣ Stable traffic (-0.5%)Net Debt 4,831 +7% ‣ Tariff growthResilient performanceEBITDA (CAD million) - New bond issuances (CAD 350mn) 6-11) CAGR (0 9.4% ‣ No relevant maturities until 2014 ‣ CAD 2.35bn issued since 2009 553 353 - Dividend payment (CAD 460mn) 2006 2007 2008 2009 2010 2011
  10. 10. Services 2011 ∆% L-f-L UK SPAINRevenues 2,821 +9%EBITDA 312 +5%EBITDA % 11.1% +45bps +19% Revenues +3%EBIT 207 +3% +3% EBITDA +6%EBIT% 7.4% +7bps -8% BACKLOG +7%Blacklog 12,425 -1% L-f-L +9% excluding 2010 one-offsRevenues geographical breakdown - Strong cash flow generation (€164mn) UK 50% - Growth & Profitability improvement Spain 50% - Stable backlog - Swissport divestment
  11. 11. Construction 2011 ∆% L-f-L International Domestic Revenues 4,244 -5% EBITDA 248 +4% EBITDA % 5.8% +49bps +8% Revenues -17% EBIT 215 +8% +9% EBITDA +8% +6% BACKLOG -12% EBIT% 5.1% +60bps L-f-L Blacklog 9,997 -1% BacklogGeographical breakdown Work breakdown Civil WorksDomestic 3,167 Residential Industrial & other - Strong cash flow generation (€298mn) - International business offsets Spanish performance - Stable backlog Inter- national 6,830 76%
  12. 12. BAA |Equity method, Ferrovial stake 49.99%100% GBP Mn 2011 ∆% L-f-L - 5.88% stake divestment ‣ 100% implied equity value GBP 4.8bnRevenues 2,524 +9%EBITDA 1,287 +18% - Capital structure strengthenedEBITDA % 51.0% +500 bps ‣ Issuances in Sterling, Euro, Dollar & Swiss franc (2012)NET DEBT 12,862 ‣ 2011: GBP 1.6bn bonds & bank facilities Traffic 2011 ∆% ‣ 2012: GBP 1.5bn bonds; Maturities already (PAX Mn) refinanced Heathrow 69.4 5.5% Stansted 18.0 -2.8% - Double digit EBITDA growth Scotland 19.4 8.1% - LHR highest ever traffic Southampton 1.8 1.6% - 2012(e) dividend (GBP 240mn) UK airports 108.5 4.4% - Edinburgh divestment underway
  13. 13. HEATHROW| Continuous improvement Resilient performance Capital markets access CAGR (06-11)EBITDA 12.9%GBP million GBP 5.1 billion 1,045 issued since 570 2009 2006 2007 2008 2009 2010 2011 18.7% 9.5% 5.5% Traffic Revenues EBITDA
  14. 14. Contents 2011 Highlights Business Units Financial Results Looking Ahead
  15. 15. Cash Flow ex-infra projects Operating Net 2011 cash flow investment Construction 298 -92 Services 164 -99 Swissport 692mn Toll Roads 137 -134 BAA 326mn Other/divestment -21 1,264 Chile 157mn Taxes -67 M45 68mn Total 510 936 1,446 € Mn Remarkable cash flow generation
  16. 16. Net debt evolution EX-INFRA PROJECTS€Mn 1,264 907 463 182 31 -68 -67 -328 -367 -90 -114 Net cash EBITDA Dividends Working Taxes Investment Divestment Dividends Interest Other Net cash Dec’10 received capital paid Dec’11 INFRA PROJECTS€Mn 14,529 356 263 -103 -25 -780 -32 -293 -97 -85 (6,102) -19,836 Net Debt EBITDA Working Taxes Investment Dividends Interest Capital Forest Deconsolidated Other Net debt Dec’10 capital debt Dec’11
  17. 17. Debt reduction and simplificationEx-infra projects Net debt evolution ex-infra projects 31 907 -1,547 -1,172 -1,987 -3,064 x1.7 x1.5 NET CASH x2.1 €907MN x3.2 2006 2007 2008 2009 2010 2011 Net debt (€Mn) Net debt to EBITDAProjects Debt allocated at project level Projects under development not generating EBITDA €Mn Net debt NET DEBT SH130 747 €6,102MN NTE 260 23% TOLL Of toll roads net LBJ 323 debt ROADS Debt €5,692 TOTAL 1,330
  18. 18. Financial position|ex-infra projects 2012-2015 maturities€Mn 1,024 51 106 18 2012 2013 2014 2015 Liquidity position€Mn 1,108 3,269 2,161 Total Cash Undrawn lines Total liquidity
  19. 19. Profit & Loss €Mn 2011 TOTAL VAR. L-f-L(1) Net Revenue 7,446 -1% EBITDA 819 +9% Depreciations -192 -13% EBIT 627 +18% Disposals & impairments(2) 142 Net Financial Result -303 +6% Equity accounted 17 EBT 482 Taxes -61 BAA discontinued 847 Minorities 1 NET PROFIT 1,269(1) Like-for-Like: Excluding forex impact, perimeter variations and fair value adjustments (2) Included in EBIT at the statutory accounts
  20. 20. Contents 2011 Highlights Business Units Financial Results Looking Ahead
  21. 21. Looking ahead Construction / Services Toll roads / AirportsStrong backlog World class playerMargin vs. growth Dividends from 407 & BAASelective exposure to emergingeconomies Attractive pipeline of projects Strong financial discipline
  22. 22. Shareholder remunerationDividend 2011 | Euros/share Interim 0.20 Complementary 0.25 0.42 0.45 0.40 TOTAL 0.45 2009 2010 2011
  23. 23. Q&A session
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